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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject5/4/2001 12:04:38 PM
From: besttrader   of 37746
 
12:05 ET Dow +30, Nasdaq +6, S&P +4.22: [BRIEFING.COM] It's been a volatile and somewhat strange day for the markets. The April employment report was released this morning and came out much weaker than consensus expectations. Nonfarm payrolls were -223K versus consensus expectations for a 25K increase. Additionally, the unemployment rate ticked up to 4.5% versus the prior month's reading of 4.3%. If those numbers don't sound very good it's because they aren't. The markets gapped down on the report and then the White House released a statement saying last week's positive GDP data will likely be revised down. That's also bad. Nonetheless, the markets have staged an impressive rally off the day's worst levels and now trade modestly in positive ground... The weak employment numbers increase the chances for a half-point interest rate cut when the Fed meets again on May 15. Briefing.com has been projecting a half point cut and with today's data it looks like many of the skeptics may be coming around as well. Markets typically rally into a rate cut and with May 15 just seven days away today's data has placed traders in an awkward position. For the intermediate to longer term, this is suggestive of economic trouble or at least choppiness in the months ahead. Economists had been counting on a strong consumer to prevent further deterioration in the domestic economy. This data undermines the chances for such a scenario. DJTA -0.2%... DJUA +0.6%... SOX -2.2%... XOI +1.7%... BTK -0.1%... Nasdaq 100 +0.2%... S&P Midcap 400 -0.1%... Russell 2000 -0.1%... NYSE Adv/Dec 1443/1357... Nasdaq Adv/Dec 1528/1775.
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